The fixer for a fraudster at the centre of a scam which saw police make the UK’s largest ever cryptocurrency seizure of Bitcoin worth more than £5.5 billion has admitted money laundering.
Hok Seng Ling, 47, pleaded guilty at London’s Southwark Crown Court to entering into a money laundering arrangement on or before April 24 2024.
He was dealing in cryptocurrency on behalf of mastermind Yadi Zhang, also known as Zhimin Qian, and he knew or suspected his actions would “facilitate the acquisition or control of criminal property by another”, the charge states.
Confiscation proceedings have begun to try and claw back more than £16.2 million from Ling, but the figure will be adjusted to reflect cryptocurrency rates when he is sentenced in November, the court heard.
The Malaysian national, of Matlock, was ordered to next appear in court for a two-day sentencing hearing on November 10-11.
His admission comes after Zhang, 47, pleaded guilty to acquiring and possessing criminal property in the same court on Monday, the Metropolitan Police said.
She had defrauded more than 128,000 victims through a scheme in China between 2014 and 2017 and stored the illegally obtained funds in Bitcoin assets, according to the force.
In 2018, the Chinese national came to the UK after fleeing her home country using false documents and attempted to launder the proceeds through purchasing property with the help of Jian Wen in September of that year, police said.
Wen, a former takeaway worker, was jailed for her role in the scheme last year after being found with Bitcoin wallets worth more than £2 billion.
Zhang is also to be sentenced on November 10.
Security Minister Dan Jarvis said: “Money laundering erodes trust, undermines our economy, and fuels the rise of serious organised crime.
“This outcome sends a clear signal: the UK will never be a safe haven for criminals and their ill-gotten gains.
“My thanks go to the Metropolitan Police and CPS for their vital work in securing this conviction.”
Will Lyne, The Met’s head of economic and cybercrime command, added: “This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally. I am extremely proud of the team.
“Through a meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to obtain compelling evidence of the criminal origins of the cryptoassets the pair attempted to launder in the UK.
“My thoughts are with the thousands of victims defrauded in this scheme, and I hope this outcome acknowledges the harm these defendants inflicted and reinforces the Met’s unwavering commitment to justice.”